As one of the world’s leading economies, Canada has seen significant economic growth and development in recent years. However, with this growth comes a growing wealth gap, where the rich are getting richer and the poor are getting poorer. According to a report by Oxfam, just five Canadian billionaires have the same wealth as the bottom 30% of the country’s population. This disparity between the wealthy elite and the rest of the population has long-lasting impacts on society and the economy.
The causes of this wealth gap are complex, but one major factor is the rise of income inequality. While the top 1% of earners in Canada have seen their incomes increase significantly, the majority of the population has seen little to no income growth. This means that the rich are able to accumulate more wealth and assets, while the rest of the population struggles to make ends meet. This creates a vicious cycle, as those with more wealth have more opportunities to invest and grow their wealth, while those with less are unable to catch up.
The consequences of this growing wealth gap are far-reaching. It limits social mobility and perpetuates cycles of poverty, as those born into lower-income families have fewer opportunities to improve their financial situation. It also leads to increased social and political tensions, as resentment towards the wealthy and perceptions of unfairness grow. Furthermore, the concentration of wealth in the hands of a few can have negative impacts
